MALVERN, PA — Cantaloupe, Inc. (Nasdaq: CTLP) has introduced Cantaloupe Capital, a new financing platform developed in partnership with Fundbox, to provide small business operators in the self-service retail industry with much-needed access to flexible and fast funding solutions. The platform aims to address common financing challenges faced by startups and sole proprietors, enabling them to grow and thrive.
Small businesses often struggle to secure traditional financing, with only 43% of employee-led startups and 29% of sole proprietors receiving funding, according to the 2024 Federal Reserve Small Business Startup Credit Survey. Cantaloupe Capital seeks to bridge this gap by offering a streamlined process and criteria designed specifically for self-service operators to unlock capital based on performance and growth potential.
“The majority of our customers are small and growing businesses, many of them sole proprietors. Cantaloupe understands their need for accessible financing solutions that can help them scale their operations,” said Elyssa Steiner, Chief Marketing Officer of Cantaloupe. “With Cantaloupe Capital, we’re breaking down barriers to funding by facilitating quick and easy online access to capital for owner-operators that will allow them to invest in new equipment, manage seasonal fluctuations, and capitalize on growth opportunities in the rapidly evolving self-service retail space.”
Key features of the new platform include a user-friendly interface, rapid funding decisions, competitive interest rates, and flexible repayment options. These benefits are tailored to accommodate the needs of busy entrepreneurs, ensuring support for both working capital and equipment investments.
“Traditional banks and financing options don’t always meet the needs of startups or growing small businesses,” Steiner continued. “By launching Cantaloupe Capital in collaboration with Fundbox, together we’re not only offering a full platform of financial services and products but also offering small business operators a simple and efficient pathway to expand their operations and achieve their business goals.”
Fundbox’s Chief Operating Officer, Rina Jariwala, highlighted the collaboration’s importance for small businesses. “We are excited to collaborate with leading platforms like Cantaloupe to empower small business customers with seamless access to capital, helping them unlock new opportunities for growth and success. As someone from a family of small business owners running vending machines and storefronts, I’ve seen how access to capital can be a game-changer. This collaboration brings innovative solutions to the entrepreneurs who will drive our economy forward.”
By addressing long-standing financing hurdles, Cantaloupe Capital has the potential to transform operational capabilities for small businesses in the self-service retail sector. With its accessible, flexible solutions, the platform positions itself as a strategic partner for entrepreneurs looking to scale their businesses and achieve lasting success.
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